Apple becomes first $1 trillion U.S. company

The long race to see which U.S. tech giant will become the first company worth $1 trillion is finally over.

Apple won.

This morning, Apple shares surged past the $207.05, putting the company’s market cap at an astounding $1 trillion. The stock price bounced around a bit throughout the day, but ended at $207.39, affirming Apple’s trillion-dollar crown.

Apple beats Amazon to become first $1 trillion company

Amazon threatened to beat the iPhone-maker to the coveted trillion-dollar valuation, but its shares have been trending down the last week. The online retailer’s valuation currently sits at $873.52 billion.

Apple Q3 2018 earnings boost

iPhone sales remained strong during the quarter at 41.3 million units. Most importantly to investors, the ASP (average selling price) of iPhones continued to remain high. Most analysts expected the ASP to come in around $699, but it hit $724, thanks to the super-popular (and high-priced) iPhone X.

With its 2018 iPhone lineup slated for release this fall, Apple is expecting to have a huge Q4, too. Cupertino set revenue guidance for the fourth quarter between $60 billion and $62 billion, which would be an all-time high if the company hits its mark.

That sound you hear in the distance? It’s champagne corks popping in Cupertino!

Editor’s note: This post has been updated to show Apple’s stock price at the market’s close.